As from 1 September 2021, nonresidents and electronic platforms deriving revenue from the provision of electronic services to non-VAT-registered customers in Thailand are required to register for VAT and account for the 7% VAT if their annual revenue from the provision of such services exceeds THB 1.8 million. The Thai Revenue Department issued guidance on the new rules on 30 June. In a separate development, on 24 August, the Thai cabinet extended the 7% standard VAT rate for another two years through 30 September 2023. The rate was due to revert to the normal 10% rate on 1 October 2021.
Source: BDO
Latest Posts in "Thailand"
- Thailand Plans Gradual VAT Increase to 10% by 2030 Under Fiscal Strategy
- Thailand’s e-Tax Invoice System: Digitalizing Business Documents with Voluntary Electronic Invoicing Options
- Finance Ministry Updates VAT Rules for Tax-Deductible Donations to Approved Organizations
- New VAT Rules: E-Donation System Required for Tax-Deductible Donations from 2021 Onward
- Thailand’s VAT Hike: Fiscal Necessity Demands Transparency, Targeted Spending, and Social Safeguards
